News Release
"When-Issued" Trading in The Gilt-Edged Stock to be Auctioned on 10 December 1997

24 November 1997

This notice sets out the arrangements for "When-Issued" trading in the stock to be auctioned on Wednesday, 10 December 1997, the details of which will be announced at 3.30pm on Tuesday, 2 December 1997.

As announced previously, the stock to be auctioned on 10 December 1997 will be a new short conventional stock in the range 2003-2004. It will be strippable. "When Issued" trading in the unstripped stock may be conducted from the time of the announcement on Tuesday, 2 December 1997 until the close of business on Wednesday, 10 December 1997. "When-Issued" trading in the principal and coupon strips of this stock may be conducted from the commencement of business on Monday, 8 December 1997 until the close of business on Wednesday, 10 December 1997. The ISIN, SEDOL and Tradeable Instrument Display Mnemonics ("TIDM") trade reporting codes to be used for "When-Issued" trading in this stock will be announced on Tuesday, 2 December 1997.

For information, appended to this notice are the ISIN and TIDM codes to be used for strips of existing stocks, both in "When-Issued" form from Monday, 1 December 1997, and on and after their issue on Monday, 8 December 1997. The ISIN codes are identical to those issued previously

Notes to Editors

Today's announcement provides details of the arrangements for "When-Issued" trading in the stock to be auctioned on 10 December 1997. The "When-Issued" periods for the unstripped stock and for the principal and coupon strips of this stock differ in order to avoid an overlap with trading on a "When-Issued" basis of the seven principal strips and forty-seven coupon strips of existing stocks between 1 December 1997 and 8 December 1997, in preparation for the start of the strips market on 8 December 1997. It is intended that, for future issues of strippable stock, the "When-Issued" period will be identical for the unstripped stock and for the principal and coupon strips of the stock.

The Bank's announcement of 30 September 1997 gave details of the stocks to be auctioned in the third quarter of the 1997-98 financial year. The Bank further announced on 30 October 1997 that, in the light of the timing of the Green Budget, the auction due to be held on 26 November 1997 had been postponed until 10 December 1997.

It was announced in HM Treasury's Debt Management Report 1997/98, issued in March 1997, that, to build up the liquidity of the strips market further, it was intended that all new issues of conventional benchmark stocks in 1997-98 will be strippable from the beginning of the market.

The Bank of England issued a paper on the official gilt strips facility on 8 October 1997; copies of this are available on request from the Bank (+44 (0)20 7601 3672) and it is also available on the Bank's internet site

Key Resources

	ISIN and TIDM codes Download PDF
	News Release - Gilt-edged auctions: October to December 1997, 30 September 1997 Read
	News Release - Gilt-Edged Auctions: October to December 1997, 30 October 1997 Read